Report | United States Employment Update - April 2017
January and February both exceeded the 200,000-job threshold, while March fell well below expectations with only 98,000 net new jobs. A contraction in retail trade and slowdowns in all major sectors with the exception of professional and business services (PBS) were the primary drivers of this, compounded by volatility due to tightening and employment growth continuing to exceed the rate of labor-force expansion. Counter to job growth, unemployment metrics improved once again, with the unemployment rate dropping by another 20 basis points to a cyclical low of 4.5 percent. Although March's monthly growth did not meet consensus figures, the broader trend remains positive and future months will dictate whether this is an anomalous month or a broader shift in growth rates.
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